Maui Land & Pineapple Co. is selling the Kapalua Bay Course to TY Management Corp. of Hawaii for $24 million.

Maui Land announced Wednesday that under the terms of the sale, which is expected to close before the end of September, it will enter into a lease to operate the golf course until March 31, 2011.

Last year, Maui Land sold the Plantation Course in Kapalua, home to the PGA Tour’s season-opening SBS Championship, to TY Management for $50 million.

Designed by Arnold Palmer and Francis Duane, the 6,600-yard, par 72 Bay Course opened in 1975. The course has hosted many golf tournaments over the years, including the 2008 LPGA Kapalua Classic.